House introduces bipartisan bill on AI in banking and housing
The bill would require a report on how these industries use AI to valuate homes and underwrite loans
Read more...The global artificial intelligence in energy market size is growing fast: from $13.18 billion in 2023 to $15.45 billion in 2024 and then it's expected to hit $75.53 billion by 2034, expand at 17.20% CAGR from 2024 to 2034.
Now, the Abu Dhabi National Oil Company (ADNOC), the state-owned oil company of the United Arab Emirates (UAE), and the world's twelfth largest oil company by production, announced on Monday that's it's going all in on AI with the the launch of ENERGYai, an agentic artificial intelligence solution for the global energy industry.
Developed by AIQ, in collaboration with G42 and Microsoft, ENERGYai will combine large language model technology with AI ‘agents’ that are trained in specific tasks; agentic AI refers to systems that can act independently to achieve goals, often with limited human supervision.
Trained on 80 years of ADNOC’s data, ENERGYai will integrate open subsurface data universe (OSDU) frameworks and OpenAI models to, as it says in the press release, "bring a new level of autonomy and precision to critical tasks, from seismic analysis to energy efficiency and real-time process monitoring."
The companies outlined a three-year development program for ENERGYai, which will begin testing with real-world datasets by the end of 2024 in a number of specific areas. That includes AIQ RoboWell, an autonomous well control system that uses cloud-based algorithms to autonomously run wells that self-adjust according to the conditions.
Another tool is Neuron 5, which autonomously monitors performance of critical equipment, while Centralized Predictive Analytics and Diagnostics (CPAD) uses AI to track historic and real-time data and diagnose anomalies.
Finally, Integrated Real Time Optimizers (iRTO) balance operating data, utility costs, and product prices in real-time to maximize the production of natural gas liquids across processing facilities.
According to ADNOC, AI tools helped the company reduce CO2 emissions by 1 million tons in 2023 alone, and it is projected that ENERGYai will accelerate by up to 75% the building of detailed geological models using very large and diverse datasets to support planning and development of large-scale CO2 storage solutions. When it comes to development planning, it is projected that ENERGYai will accelerate plans from one to two years to weeks.
Since its inception in 2020, AIQ has worked closely with ADNOC to develop specialized solutions for the energy sector, leveraging ADNOC’s data.
“ENERGYai marks a major milestone in ADNOC’s journey to be the world’s most AI-enabled energy company and a key enabler of the global energy transformation. It will be a powerhouse for value creation and sustainable energy production and will leverage petabytes of data to better empower our people and unlock innovative solutions across our value chain," Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said in a statement.
"As AI accelerates the pace of progress and transforms industries, ENERGYai will help future-proof ADNOC, reinforce our position at the forefront of AI deployment and ensure we continue to provide secure and sustainable energy to the world.”
(Image source: adnoc.ae)
The bill would require a report on how these industries use AI to valuate homes and underwrite loans
Read more...The artists wrote an open letter accusing OpenAI of misleading and using them
Read more...The role will not be filled by Elon Musk, though he will be involved in who is chosen
Read more...